v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ 6,121 $ (8,092)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 134 4
Foreign exchange transaction gain (loss) (27) (752)
Share of gain (loss) from equity method investments 216 4,063
Change in fair value of warrants 0 (2,886)
Share based compensation expense 720 531
Changes in assets and liabilities:    
Accounts receivable ($(714) and $(1,088) related party for the three months ended March 31, 2026 and 2025, respectively) (1,745) 1,098
Contract assets 1,728 (86)
Deferred transaction costs 0 588
Other current assets (537) 172
Other non-current assets 88 13
Accounts payable ($(98) and $488 related party for the three months ended March 31, 2026 and 2025, respectively) (838) (30)
Accrued expenses and other current liabilities ($(273) and $76 related party for the three months ended March 31, 2026 and 2025, respectively) (10,469) 6,322
Contract liabilities 77 0
Operating lease assets and liabilities 60 0
Net cash provided by (used in) operating activities (2,752) 945
Cash flows from investing activities    
Purchase of property and equipment (12) (92)
Proceeds from sale of equipment 0 2
Short-term advances to affiliate - related party (70) 0
Issuance of short-term loan (200) 0
Net cash provided by (used) in investing activities 1,208 (90)
Cash flows from financing activities    
Repayment of debt ($(650) and $0 related party for the three months ended March 31, 2026 and 2025, respectively) (1,149) (393)
Proceeds from related party credit facilities 3,475 1,248
Repayment of related party credit facilities (1,150) (1,257)
Proceeds from RSUs issued to affiliates 348 198
Settlement of RSUs (675) (397)
Net cash provided by (used in) financing activities 849 (601)
Net increase (decrease) in cash and cash equivalents (695) 254
Foreign exchange impact on cash 3 29
Cash and cash equivalents at beginning of period 1,868 825
Cash and cash equivalents at end of period 1,176 1,108
Supplemental disclosures:    
Cash paid for interest 452 424
Non-cash activities:    
Conversion of Class B Common Stock to Class A Common Stock (38) 18
Reclassification of warrants to equity 0 1,825
PDP [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Distribution from equity method investment PDP 1,720 0
Karnival [Member]    
Cash flows from investing activities    
Distribution from equity method investment Karnival $ 1,490 $ 0